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DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
The following tables summarize the Company’s debt balances (in thousands):
September 30, 2022December 31, 2021
2019 Notes (1)
$226,259 $225,534 
Term Loan 87,500  140,000 
Other 1,751  1,450 
Total carrying amount
$315,510 $366,984 
 
  
Current Portion
$89,251 $71,491 
Non-Current Portion
$226,259 $295,493 
(1) Amount is net of discount and debt issuance costs of $3.7 million and $4.5 million, respectively.

Convertible Debt

2019 Notes

On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate.
The Company had a conversion price change on its 2019 Notes during the quarter ended September 30, 2022. As a result of ongoing dividends and in accordance with the 2019 Notes Agreement, the conversion price for the 2019 Notes was adjusted to 55.4018 common shares per $1,000 principal amount of the 2019 Notes effective on August 11, 2022.
Prior to April 1, 2023, the Company may not redeem the 2019 Notes, except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash.
Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest.
The Company does not have any financial covenants in relation to the 2019 Notes.
Term Loan
On September 16, 2020, in connection with the acquisition of the Çöpler mine, the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023.
Restricted cash accounts must be maintained while the Term Loan is outstanding. As of September 30, 2022 and December 31, 2021, $33.2 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is classified as a non-current asset in the Consolidated Balance Sheets.
As a result of the temporarily suspended operations at the Çöpler mine during most of the third quarter of 2022, the Company was not in compliance with certain financial covenants in relation to the Term Loan as of September 30, 2022. The Company is in discussions with the lenders to obtain a waiver for the non-compliance event. If the Company is unable to obtain a waiver, the lenders may accelerate the repayment schedule and the entire balance of the Term Loan would become due, at which time the Company would use available cash to repay the outstanding borrowings in full. All future remaining principal and interest payment amounts under the Term Loan remain unchanged. As of September 30, 2022, the Company reclassified $17.5 million of the Term Loan, which is scheduled to be repaid in the fourth quarter of 2023, to Current portion of debt as a result of the noncompliance with financial covenants. With this reclassification, the entire balance of the Term Loan is included in Current portion of debt.
Amended Credit Agreement
On June 7, 2021, the Company amended its existing Credit Agreement to extend the maturity to June 8, 2025 and increase the Credit Agreement to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Agreement"). Amounts drawn under the Amended Credit Agreement are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. As of September 30, 2022, the Company was in compliance with its covenants. As of September 30, 2022, no borrowings were outstanding on the Amended Credit Agreement, $199.1 million of borrowing capacity was available and outstanding letters of credit totaled $0.9 million.
The Company was in compliance with its externally imposed financial covenants in relation to the Amended Credit Agreement.